CashFlowRE
Sign in Sign up
406 Skyview Dr Unit k
B Composite 73.89
Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

  • Cash flow +30.0/30.0
  • ARV discount +12.8/15.0
  • 1% rule +10.0/10.0
  • DSCR +10.0/10.0
  • Condition / age +3.8/5.0
  • Livability +3.4/5.0
  • Rent growth +3.3/5.0
  • Schools +0.7/10.0
  • Appreciation +0.0/10.0

$74,000

406 Skyview Dr Unit k · Birmingham, AL 35209
2 bd · 1.0 ba · 924 sqft · Townhouse · 128 Days on market
Built 1980 Good condition $80/sqft · 12% below area Est $84k · 12% under ↓ 6% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Welcome to this beautifully updated 2-bedroom, 1-bath condo in the desirable Skyview community! Conveniently located just minutes from downtown, this gated property offers both security and easy access to dining, shopping, and entertainment. Inside, you’ll find fresh updates throughout, including brand-new countertops, new flooring, and a fresh coat of paint that gives the space a clean, modern feel. The kitchen is equipped with a dishwasher for added convenience, making everyday living that much easier. One of the standout features is the enclosed porch—perfect for a home office, extra storage, or a cozy flex space to fit your needs.

Key facts

  • Gated property
  • Dishwasher
  • Fresh updates

Tags

GATED PROPERTYENCLOSED PORCHFRESH UPDATESDISHWASHER

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 2-bed/1.0-bath townhouse listed at $74k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $438 ($5k/yr) — positive.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($1k rent vs $74k).
  • Recommended offer: $65k (12.0% below list) — sets the bar for market timing.
  • Cap rate 13.4% vs local median 6.1% in Birmingham — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

  • Location reads 67/100 on livability (#78 in AL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-, crime F, employment F.
  • Birmingham City (urban): math 4% / reading 20% proficiency, ranked #116 of 129 in AL (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
  • Zoned schools: Glen Iris Elementary School (math 4% / reading 19%, grade F, #556 of 627 statewide, top 89%, 731 students, 78% FRL) — zoned schools at 78% FRL track the district average.
  • Market conditions: Rents rising (+3.3%/yr); 133 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,114 units permitted in Jefferson County in 2024 (556 in 5+ unit buildings).

Forward outlook

  • Local home prices are declining (-3.0%/yr); year-one equity from $512 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
  • Jefferson County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
  • At projected returns (-3.0% appreciation + 3.3% rent growth), your $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

  • It's been on market 128 days — a 12% lower offer ($65k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

  • Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Recommended offer $65,120 (12.0% below list)

Questions for the listing agent

  1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
  2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
  5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
  6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
  7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
  8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

1% rule
1.62%
Cap rate
13.40%
Cash-on-cash
25.38%
DSCR
2.13
GRM
5.1

CMA / ARV

ARV (median comp)
$83,786
List price
$74,000
Delta
-11.68%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 9 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
410 Skyview Dr Unit H 0.00mi 1/1.0 (-1) 924 (0%) 6mo $69,000 $75 90
403 Skyview Dr Unit C 0.01mi 2/1.0 864 (-6%) 1mo $69,000 $80 88
406 Skyview Dr Unit F 0.00mi 2/1.0 864 (-6%) 4mo $89,000 $103 86
400 Skyview Dr Unit E 0.02mi 2/1.0 864 (-6%) 8mo $91,800 $106 82
410 Skyview Dr Unit F 0.00mi 2/1.0 864 (-6%) 10mo $45,000 $52 80
417 Skyview Dr Unit K 0.10mi 2/1.0 864 (-6%) 10mo $45,000 $52 77
409 Skyview Dr Unit H 0.01mi 1/1.0 (-1) 864 (-6%) 9mo $70,000 $81 76
405 Skyview Dr Unit F 0.01mi 2/1.0 864 (-6%) 17mo $65,000 $75 74
417 Skyview Dr Unit H 0.10mi 2/1.0 864 (-6%) 18mo $50,000 $58 70

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.34% rent growth · sell at horizon

5-year hold
IRR
19.3%
Equity multiple
1.79×
Total profit
$16,351
Equity at exit
$11,034
10-year hold
IRR
27.9%
Equity multiple
3.51×
Total profit
$51,958
Equity at exit
$6,398

Cash invested: $20,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

Overall (STATE)
90 Strongly Landlord-Friendly
State Alabama
90 Strongly Landlord-Friendly · R+15
County
— inherits STATE
City
— inherits STATE
Right-to-evict in 7 days for non-payment; no rent control; preempted statewide; courts move quickly.
Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
10 active · 4 under contract
Months of supply
4.0 mo (25%/mo absorbed)
Median asking
$82,500 ($101/sqft)
Median days on market
39 d
This list price
lowest-priced of the active set
ARV vs active asking
-10.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 35209

Rents YoY
3.3%
Active inventory
133
Price-to-rent
5.1×

Monthly cashflow live

Estimated rent
$1,202 high interval (Pro) →
Mortgage (P&I)
$388
Tax est. 1.5%
$92 /mo · $1,110/yr
Insurance
$31
HOA
$0
Vacancy / Maint / Mgmt
$252
Net cashflow
$438

Break-even live

Break-even rent $647
Max offer price $74,000
Occupancy floor 59%

Sensitivity live

Price -10% $489 -5% $464 +0% $438 +5% $413 +10% $387
Rent -10% $343 -5% $391 +0% $438 +5% $486 +10% $533
Rate -1.0pp $476 -0.5pp $457 base $438 +0.5pp $419 +1.0pp $400

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

Down payment
$18,500
Closing costs
$2,220
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
401 Skyview Dr Birmingham, AL 2.0 1.0 864 $950 $1.10 93d 1 0.01mi
700 Aspen Dr Birmingham, AL 1.0 1.0 786 $1,045 $1.33 93d 1 0.14mi
218 Olympia Dr Homewood, AL 1.0–3.0 1.0–2.5 958 $1,190 $1.24 16d 28 0.32mi
2418 Green Springs Hwy Birmingham, AL 1.0 1.0 750 $895 $1.19 38d 2 0.40mi
120 Vulcan Rd Unit 1Apartment Birmingham, AL 1.0 1.0 1000 $1,800 $1.80 72d 1 0.57mi
2217-2249 Green Springs Hwy Unit 2241-M Birmingham, AL 3.0 2.0 1100 $1,109 $1.01 70d 1 0.63mi
2217-2249 Green Springs Hwy Unit 2249-E Birmingham, AL 2.0 1.0 900 $910 $1.01 93d 1 0.63mi
2700 Temple Crest Dr Birmingham, AL 1.0–2.0 1.0–1.5 776 $1,320 $1.70 41d 1 0.75mi
403 Edgecrest Dr Birmingham, AL 1.0–2.0 1.0 900 $1,250 $1.39 17d 6 0.75mi
2013 Center Way S Birmingham, AL 2.0 1.0 801 $1,000 $1.25 25d 1 0.79mi
316 Beacon Crest Ln Birmingham, AL 1.0–2.0 1.0 850 $1,099 $1.29 16d 13 0.79mi
2049 Green Springs Hwy Unit 2 Birmingham, AL 1.0 1.0 605 $750 $1.24 93d 1 0.89mi
840 Beacon Pkwy E Unit C Birmingham, AL 2.0 1.0 925 $1,200 $1.30 93d 1 0.93mi
1010 Beacon Pkwy E Birmingham, AL 1.0–2.0 1.0–2.0 945 $2,330 $2.46 15d 22 0.93mi
1508 Dennison Ave SW Birmingham, AL 2.0 1.0 924 $890 $0.96 93d 1 0.94mi
513 Valley Ave Birmingham, AL 3.0 1.0–2.0 1012 $1,193 $1.18 41d 1 0.95mi
925 Beacon Pkwy E Birmingham, AL 1.0–3.0 1.0–2.0 1259 $974 $0.77 93d 1 0.95mi
741 Center Pl SW Birmingham, AL 3.0 1.0 1101 $1,250 $1.14 65d 1 0.99mi
195 Oxmoor Rd Birmingham, AL 2.0–3.0 2.0–2.5 1187 $2,000 $1.68 17d 11 1.01mi
306 Columbiana Rd Unit 308 B Birmingham, AL 2.0 1.0 1000 $865 $0.86 61d 1 1.01mi
1000 Beacon Pkwy E Unit 1013C Birmingham, AL 2.0 2.0 950 $1,075 $1.13 46d 1 1.01mi
1000 Beacon Pkwy E Unit 1035D Birmingham, AL 1.0 1.0 750 $950 $1.27 16d 1 1.01mi
407 Green Springs Ave S Birmingham, AL 2.0 1.0 866 $1,650 $1.91 15d 1 1.04mi
1332 15th Pl SW Birmingham, AL 2.0 1.0 1115 $950 $0.85 52d 1 1.06mi
834 Golden Gate Ln Birmingham, AL 1.0–3.0 1.0–2.0 1050 $1,165 $1.11 17d 14 1.14mi
834 Golden Gate Ln Birmingham, AL 1.0–3.0 1.0–2.0 1050 $1,175 $1.12 93d 12 1.14mi
741 Barcelona Ct Birmingham, AL 2.0 1.0–2.0 950 $1,200 $1.26 17d 8 1.14mi
825 Oak Leaf Cir Birmingham, AL 1.0–2.0 1.0–2.0 820 $1,200 $1.46 93d 1 1.17mi
1233 15th Way SW Birmingham, AL 3.0 1.0 1119 $1,050 $0.94 93d 1 1.21mi
1229 Beacon Pkwy E Birmingham, AL 1.0–3.0 1.0–2.0 1130 $1,088 $0.96 15d 11 1.22mi
601 Grove St Birmingham, AL 2.0 1.0 954 $2,300 $2.41 17d 1 1.23mi
261 3rd Ave SW Birmingham, AL 1.0–2.0 1.0 634 $850 $1.34 52d 14 1.27mi
614 1st St S Apt B Birmingham, AL 1.0 1.0 870 $750 $0.86 25d 1 1.30mi
633 Idlewild Cir Unit A1 Birmingham, AL 1.0 1.0 750 $1,052 $1.40 93d 1 1.39mi
633 Idlewild Cir Unit A7 Birmingham, AL 1.0 1.0 750 $1,037 $1.38 35d 1 1.39mi
1536 17th St SW Birmingham, AL 3.0 1.0 1057 $978 $0.93 33d 1 1.42mi
915 Valley Ridge Dr Birmingham, AL 1.0–3.0 1.0–2.5 1387 $1,414 $1.02 17d 38 1.43mi
1545 17th Pl SW Birmingham, AL 3.0 2.0 963 $1,200 $1.25 19d 1 1.46mi
609 Idlewild Cir Apt B Birmingham, AL 2.0 1.0 705 $875 $1.24 52d 1 1.47mi
916 14th St SW Unit F Birmingham, AL 2.0 1.0 800 $800 $1.00 61d 1 1.48mi

Property features AI

Finance

Other
Parcel ID: 29-00-15-1-004-003.319
Financial info
Has down payment assistance
HOA & community
Condo fee $315 per monthHOA fees include management fee, recreation facility, sewage service, and water

Exterior

Parking
Off-street parking
Security
Gated community entrance (directions reference entering through a gate)
Utilities
Public waterConnected sewerInternet service availability
Home design
Condominium (Skyview Condominiums)Unit located on level 2 of the buildingExisting constructionSiding (wood)
Construction
Slab foundation
Exterior features
No pool, patio, decks, or garden/patio indicatedNot waterfrontFlood plain: NoNo lot view

Interior

Kitchen
Laminate countertopsBuilt-in dishwasher
Bedrooms
Two bedrooms on the main level
Flooring
Hardwood and laminate floors
Bathrooms
One full bathroom with tub/shower combo (main level)
Heating & cooling
Central heatingCentral cooling
Interior features
Ceilings: Other (see remarks)No additional interior features listed
Laundry & utility
Washer hookup (main level)Electric dryer hookupLaundry space located in basement areaWater heater: Electric

Listing history 50 events

  1. 2026-08-08
    days on market $74,000 Active 128 DOM
  2. 2026-08-07
    days on market $74,000 Active 127 DOM
  3. 2026-08-06
    days on market $74,000 Active 126 DOM
  4. 2026-08-05
    days on market $74,000 Active 125 DOM
  5. 2026-08-04
    days on market $74,000 Active 124 DOM
  6. 2026-08-03
    days on market $74,000 Active 123 DOM
  7. 2026-07-31
    days on market $74,000 Active 120 DOM
  8. 2026-07-30
    days on market $74,000 Active 119 DOM
  9. 2026-07-30
    days on market $74,000 Active 118 DOM
  10. 2026-07-28
    days on market $74,000 Active 117 DOM
  11. 2026-07-26
    days on market $74,000 Active 115 DOM
  12. 2026-07-24
    days on market $74,000 Active 113 DOM
  13. 2026-07-23
    days on market $74,000 Active 112 DOM
  14. 2026-07-22
    days on market $74,000 Active 111 DOM
  15. 2026-07-21
    days on market $74,000 Active 110 DOM
  16. 2026-07-20
    pricedays on market $74,000 Active 109 DOM
  17. 2026-07-19
    days on market $80,000 Active 107 DOM
  18. 2026-07-18
    days on market $80,000 Active 106 DOM
  19. 2026-07-16
    days on market $80,000 Active 105 DOM
  20. 2026-07-15
    days on market $80,000 Active 104 DOM
  21. 2026-07-14
    days on market $80,000 Active 103 DOM
  22. 2026-07-13
    days on market $80,000 Active 102 DOM
  23. 2026-07-13
    days on market $80,000 Active 101 DOM
  24. 2026-07-11
    days on market $80,000 Active 100 DOM
  25. 2026-07-10
    days on market $80,000 Active 99 DOM
  26. 2026-07-09
    days on market $80,000 Active 98 DOM
  27. 2026-07-07
    days on market $80,000 Active 96 DOM
  28. 2026-07-06
    days on market $80,000 Active 95 DOM
  29. 2026-07-05
    days on market $80,000 Active 94 DOM
  30. 2026-07-03
    days on market $80,000 Active 92 DOM
  31. 2026-07-02
    days on market $80,000 Active 91 DOM
  32. 2026-07-01
    days on market $80,000 Active 90 DOM
  33. 2026-06-30
    days on market $80,000 Active 89 DOM
  34. 2026-06-29
    days on market $80,000 Active 88 DOM
  35. 2026-06-28
    days on market $80,000 Active 87 DOM
  36. 2026-06-27
    days on market $80,000 Active 86 DOM
  37. 2026-06-27
    days on market $80,000 Active 85 DOM
  38. 2026-06-25
    days on market $80,000 Active 83 DOM
  39. 2026-06-22
    days on market $80,000 Active 81 DOM
  40. 2026-06-21
    days on market $80,000 Active 80 DOM
  41. 2026-06-18
    days on market $80,000 Active 77 DOM
  42. 2026-06-17
    days on market $80,000 Active 76 DOM
  43. 2026-06-16
    days on market $80,000 Active 75 DOM
  44. 2026-06-15
    days on market $80,000 Active 74 DOM
  45. 2026-06-13
    days on market $80,000 Active 72 DOM
  46. 2026-06-10
    days on market $80,000 Active 69 DOM
  47. 2026-06-09
    days on market $80,000 Active 68 DOM
  48. 2026-06-08
    days on market $80,000 Active 67 DOM
  49. 2026-06-07
    days on market $80,000 Active 66 DOM
  50. 2026-06-03
    days on market $80,000 Active 62 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

  • 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
  • 🔥 Wildfire 3/10 Moderate
  • 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
  • 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
  • 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 8 by 30 yrs out

Nearby sold comps map

Loading sold comps map…

Walkable amenities ~0.75 mi

Loading nearby amenities…

Taxation est. · year 1

Rental income
$14,425
− Mortgage interest
−$4,145
− Property taxes
−$1,110
− Insurance
−$370
− Repairs & maintenance
−$1,154
− Management
−$1,154
− Depreciation
−$2,153
Taxable income
$4,339
combined federal + state — saved on this device
Est. tax owed @ 24.0%
−$1,041
After-tax cash flow
$4,217/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab Est. rehab $4,620–$13,860 screening

This updated 2-bedroom, 1-bath condo in the Skyview community is move-in ready with fresh updates and a clean, modern feel.

Value-add opportunities

  • Both landscaping — enhances curb appeal and adds value
  • Both painting — fresh paint improves appearance
  • Both upgrading appliances — newer appliances increase appeal and functionality

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 7/100

Zoned Schools

Elementary Glen Iris Elementary School F AL #556/627 Nat'l #38,389/41,679 High Parker High School F AL #291/305 Nat'l #17,145/17,239

Schools (NCES district)

District
Birmingham City
NCES district ID
0100390
Math proficiency
4% ▼ -17.00%
Reading proficiency
20% ▼ -4.00%
Median HH income
$31,988
Composite
9.49/100
National rank
#9850
State rank
#116 of 129 in AL
C Composite livability gradescore 67/100

Livability — Birmingham

Score
67/100
State rank
#78
US rank
#10412

Category grades

Amenities C- Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety F User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

Census place
Birmingham, AL
County
Jefferson County · 669,185 people
City population
210,422
Metro
Birmingham-Hoover, AL
Population (ZIP)
32,734
Household income
$71,439
Rent vs Own
51.5% rent · 48.5% own
Severe rent burden
12% of renters

Population outlook (Jefferson County) Hauer SSP2

Today (2025)
669,185 people
By 2030
669,694 · +0.1%
By 2040
661,388 · -1.2%
By 2050
643,086 · -3.9%
By 2075
577,267 · -13.7%
By 2100
474,758 · -29.1%

Race, ethnicity, and origin ACS 2023

Neighborhood character
Majority White (64%)
Race & ethnicity
White 64% Black 23% Hispanic / Latino 7% Two or more races 4% Asian 3%
Hispanic origin (detail)
Mexican 4%
Common ancestry
Italian 2% Slovak 2% Serbian 1%
Foreign-born
7% · Canada
Languages at home
91% English-only · Spanish 5% Other Indo-European 1%

Political lean MEDSL · Jefferson

2024 margin
D (+10.4) · D 54.6% · R 44.2% · Other 1.2%
2008→2024 swing
+5.4pp toward D · 2008: 5.1pp · 2024: 10.4pp
All cycles
2024: D+10.4 2020: D+13.2 2016: D+7.2 2012: D+6.0 2008: D+5.1

Not yet ingested

Civics

Price history

-5.9% since first listed
2 events — show timeline
  • 2026-04-27 Price Changed $80,000 Greater Alabama MLS
  • 2026-04-02 Listed $85,000 Greater Alabama MLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…